In a large bowl with an electric mixer, beat the butter until light and fluffy - about 3 minutes. Add in the powdered sugar and beat an additional 2 minutes. Add in the salt and the extracts and beat until incorporated. Use a rubber spatula to fold in the maraschino cherries until evenly distributed throughout the butter. Scoop butter into a small bowl, cover and refrigerate for a few hours. Allow butter to come to room temperature before serving.
Notes
This is a sweet butter much like honey or cinnamon butter and is delicious served on dinner rolls, biscuits, English muffins, etc.